Ethereum, the second-largest cryptocurrency by market capitalization, has been struggling to reclaim the $3.4k level as support in recent trading sessions. The failure to hold above this key level has raised concerns among investors and traders, with liquidation data pointing towards a potential move below $3k in the near future.
One of the major criticisms facing the Ethereum leadership is the perceived inefficiencies and lack of clear direction. In a recent informal poll, 97% of 335 voters holding a total of 51,198 ETH expressed support for Danny Ryan, a former researcher, to lead the Ethereum Foundation. However, Vitalik Buterin, the co-founder of Ethereum, has clarified that he is the sole decision-maker for any leadership changes within the Ethereum Foundation.
Despite the criticism surrounding the leadership, long-term on-chain metrics suggest that Ethereum holders remain confident in the asset. Analysis of the Long-Term Holder Net Unrealized Profit/Loss (LTH NUPL) metric indicates that there has been only moderate profit-taking by long-term holders, which is a positive sign for the overall sentiment around ETH.
However, these positive indicators have not been enough to prevent the steady downtrend in Ethereum’s price in recent weeks. The inability to break above $3.4k and the formation of lower highs and lower lows signal a bearish trend in the short term.
The liquidation data further supports the bearish outlook, with the 3-month liquidation heatmap showing a high probability of a move towards $2,850. Key support levels include $3k, $2.8k, and $2.7k, with significant liquidity pockets at $3,460 and $3,800.
In conclusion, while the sentiment around Ethereum remains mixed, traders should exercise caution and wait for more favorable market conditions before considering long positions. The overall outlook for Ethereum is uncertain, and investors should conduct their own research before making any investment decisions.
Please note that the information presented in this article is for informational purposes only and does not constitute financial, investment, trading, or other types of advice. It is solely the opinion of the writer. The Importance of Mental Health Awareness
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